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Home/Featured/A million dollar difference

A million dollar difference

The major an undergraduate chooses makes a big difference in lifetime earnings potential

Written by Catherine Rogers, WORLD on Campus | Monday, October 22, 2012

The surveys showed that science and engineering majors had a significant advantage because they were more likely to find consistent, full-time employment. Students that graduated with more popular majors – such as the visual and performing arts, communications, education, literature, languages and psychology – earned an average of $55,000 a year and 50 percent suffered from seasons of unemployment

 

Tommy Boone spent his first semester at Old Dominion University (ODU) in Norfolk, Va. taking general education classes. He wasn’t sure what he wanted to major in, but he knew the kind of life he wanted to have once he graduated.

Before the end of his freshman year, Boone joined ODU’s mechanical engineering technology program. Two factors influenced his decision: his aptitude for math and an idea of the amount of money he wanted to make after college.

“The lifestyle I want isn’t one with millions of dollars, but one where I can live comfortably and not have to worry about being able to make the next car or mortgage payment,” Boone said. “I want to be able to help my family and friends that may not have had the same luck as I have.”

According to two surveys released last week by the U.S. Census Bureau, Boone made an excellent choice. The surveys reiterated that an undergraduate’s major directly relates to the amount of money he will make after graduation – and engineers topped the list.

In 2011, recent graduates with engineering degrees earned more than graduates with bachelor’s degrees in any other field, at an average of $92,000 a year. Over the span of a lifetime, the yearly difference can add up to more than $1 million. Engineering majors can earn up to $4.1 million over 40 years, while education majors generally make $1.8 million.

The surveys showed that science and engineering majors had a significant advantage because they were more likely to find consistent, full-time employment. Students that graduated with more popular majors – such as the visual and performing arts, communications, education, literature, languages and psychology – earned an average of $55,000 a year and 50 percent suffered from seasons of unemployment. But the most popular major of all, business, competes with science and engineering with 64 percent of its graduates employed full-time, year-round.

Still, those with a bachelor’s degree – no matter the major – make at least $1 million more than those with only a high school diploma, and students who earn a doctorate add another $1 million.

This year Boone is a senior at ODU, and he’s hoping to land a job with Schlumberger Limited, the world’s largest oil services company, as a field engineer. The starting position should pay close to $100,000 a year. Boone is happy that he took the chance on mechanical engineering, not only because it should lead to a lucrative career, but also because he will be working in a field that interests him.

“It was the best decision I have ever made,” he said.

Katie Rogers is a reporter for WORLD on Campus magazine.

@2012 WORLD Magazine – used with permission

 

 

 

 

 

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